Is the Crypto market crashing? Solana SOLUSD Cryptocrash cryptocurrency cryptotrading
The Solana market seems to be attracted to the $30 level, but when you look at support and resistance on longer-term charts, you will notice that the $50 level has been resistance, just as the $20 level had previously been important underneath.The Solana market has taken a major nosedive with the rest of the crypto markets, and therefore I think you need to look to the bigger coins in order to determine where this market goes.
If we do continue to go lower, I would anticipate that the $20 level should be worth paying close attention to, because if we break down below their Solana will fall apart. At that point, I would anticipate that the market will bang around and very low numbers and kill time until the rest of crypto can advance.
If that were to be the case, pay close attention to the Solana ecosystem, and all of the news coming out of it. After all, this is a market that needs some type of good news, plus we are in a situation where a lot of crypto markets may disappear permanently. It’s going to come down to whether or not a network is viable from a usage case standpoint at this point. The years of easy and cheap money flowing into the market are over with now, therefore crypto is going to have to stand on its own.
As long as that is going to be the case, the best thing that can happen to Solana is getting rid of some of the dead weight in the crypto world.